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Can The Crypto Winter End? Maybe, But There Are Some Changes To Be Made
It is no secret that the cryptocurrency industry has been a little cold at this time of year, but the struggle seems to continue as the year draws to a close. Bitcoin is at a substantial low point, and many of the altcoins are suffering now too. However, a recent article for TheNextWeb indicates that there are some ways to help with the “crypto winter.”
Right now, as the history of 2018 stands for cryptocurrency, there are some unfortunate memories. The $520 million crypto hack probably rings some bells, as well as the recent loss of $60 million by a Japanese crypto exchange. However, Bitcoin’s tragic 80% fall from December 2017 is perhaps the most notable difference. Many experts and analysts believe that the crypto winter is now.
However, TheNextWeb notes,
“Despite the doom and gloom, there is something in the human condition that likes new beginnings.”
With that note, they comment about the use of New Year’s resolutions being a valuable time for cryptocurrencies to evaluate the mistakes that they have made, which is why TheNextWeb outlines three resolutions to help the crypto winter “thaw.”
- More patience and self-belief
- Reduce conflict and work together
- Make progress on the infrastructure of the industry
Every technology that is new will take time to balance out and find the right place it has in the economy, much in the same way that it took years to fully embrace the internet. The world is still finding ways to expand the internet, and thousands of new websites pop up every minute. As the world adopts blockchain and cryptocurrencies, it becomes easier to balance the players in the field.
One expert, Benjamin Bilski, said,
“Eventually, naked greed for short-term profit will give way to long-term projects of true Blockchain utility.” The executive director of the NAGA Group AG added, “As part of a self-cleaning process of the market, bad apples will be sorted out and projects with real value will have a better chance of showing stable and organic growth.”
As far as cooperation, many people think that it is no more than a zero-sum game, especially Warren Buffett. However, Darren Marble does not believe that, saying,
“Although Warren Buffet has made the right call on many investments, he is dead wrong on Bitcoin, because he is totally clueless to the technology.”
When a few players forgot this detail, the market lost out. The only way to make progress through the future is for collaboration between companies to take place.
The final point, which TheNextWeb summarizes as “Stick to the Core,” is basically a note that cryptocurrency should get back to the basics of what cryptocurrency is supposed to be about. By focusing on “the industry’s infrastructure progress” and “not future promises,” the market could quickly become stronger. A managing partner for Genesis Holdings noted,
“This will bring the institutional investors into the market, which will thaw out the Crypto Winter and bring Crypto Spring.”
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.